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Austin invested 60,000 in an account paying an interest rate of 4.7% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 11 years?

Solution

Austin invested 60, 000 in an account paying an interest rate of 4.7% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 11 years?

Solution

Amount : 100316.56

Solution steps

Translate the problem into an equation:

A = 60000 (1 + \frac{0.047}{4})^{4 \cdot 11}

60000 (1 + \frac{0.047}{4})^{4 \cdot 11} = 100316.55862 \dots

Round to the nearest hundredth:

100316.56

Amount : 100316.56

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